Parents insecure about their children’s financial future

Parents believe life on other planets is more likely than their children having a secure financial future, according to a survey released today by T. Rowe Price.

While 59 percent of parents surveyed said life probably exists on other planets, only 39 percent expect their kids will become millionaires and 26 percent think Social Security will be available in its present form when their kids retire.

Maybe their kids can retire on another planet?

The survey, conducted by MarketTools in mid-February, asked 1,008 parents and 837 kids ages 8 to 14 a variety of questions about money. The margin of error is plus or minus 5 percentage points.

Other findings:

*Kids are more likely to ask their moms about money (54) percent than their dads (40) percent or others (5 percent).

*Parents find it easier to talk to their kids about smoking, drugs, bullying or their child’s spending or saving than about family finances or investing. The only things harder to talk about: puberty and sex.

*Asked which money subjects they wish their parents would talk more about, the kids’ top responses were savings (20 percent), how to make money (18 percent) and allowances (12 percent.) The bottom answer (sigh): budgeting (2 percent).

*Many parents (77 percent) say they are not always honest with their kids about money issues, with 15 percent fibbing at least weekly. Most commonly, 43 percent of parents say they are not truthful about how worried they are about money, 32 percent tell their children they can’t afford something when they really can and 27 percent withhold the family’s true financial situation.

*Kids on average gave their parents a B+ are good role models when it comes to savings and spending, but parents gave themselves only a B- on average.

*Many parents (39%) say their own parents did not do a good job teaching them about money.